Paradise Papers a non-issue – HH

Zambia’s leading opposition leader Hakainde Hichilema says the appearance of his name in the infamous Paradise Papers should be taken as an indication that Zambians can be great entrepreneurs and invest abroad.

Hichilema said by investing abroad, Zambians can bring the money they make back home and boost the country’s economy.

The UPND leader is one of the many high profile politicians and public figures who have been named in the latest exposé dubbed “The Paradise Papers”, but with a huge disclaimer about some of the people named in the offshore leaks.

Hichilema is said to have been a director of a Bermuda company, AfNat Resources Ltd., in March 2006, and he resigned that August, according to Appleby’s records.

AfNat Resources was incorporated in 2005 and explored for Nickel and other metals in Zambia as well as other African countries. It was listed on London’s alternative investment market until 2010 when it was purchased by Canadian mining company Axmin for about $14 million.

Hichilema however refused to answer questions from ICIJ, including about his roles as director saying there is nothing illegal about a company registered in Bermuda, Hichilema is said to have told ICIJ by phone.

But the multimillionaire businessman today somewhat opened up, telling listeners on Radio Phoenix’s Let the People Talk programme that there was nothing illegal about his offshore investments, further describing the exposé as a non-issue.

“I was reading through that document myself, it is basically very clear saying there is nothing illegal about that and it links so many people like the queen of England, the Canadian Prime Minister and several other people including the current Secretary of State of the United States of America. People decide to invest here and there legally not illegally, there is no tax dodging,” HH said.

“You can read the document again. I am actually very pleased with that document because it outlines clearly that there is no illegality [but] they are just revealing information which may be held and that information is not a secret,” he said.

He further explained that there was nothing secretive about his offshore investments.

“AfNat is a Canadian company that bought the company from the London stock exchange. The London stock exchange has various windows, one of them is what you may call the main window another one is where small businesses go to list their interests called alternative investment market, it is part of the London Stock Exchange. How can the London stock exchange be a secret? It cannot be a secret, you just open any website and you will find it. The fact that is has been printed now and it is called Paradise Papers by ICIJ doesn’t mean it is new information, it is on the London Stock Exchange through a window called alternative investment market. So this why I am saying that there is no issue, this is a non-issue at all,” explained Hichilema.

He added: “No illegality at all, no tax evasion and if you check, I was a director only for four months, there is no illegality there and this is what we do, we try and raise money outside of the country.”

Among other international politicians named is the Queen of the United Kingdom and the current US Secretary of State.